a7 Reasons to Own a Home
1) Tax Benefits: The US Tax Code lets you deduct the interest you pay on your mortgage, your property taxes and some of the costs involved in buying a home.
2) Appreciation: Historically, real estate has had a long-term, stable growth in value. In fact, median single-family existing-home sale prices have increased on average 5.2% each year from 1972 through 2014, according to the National Association of Realtors. The recent housing crisis has cause some to question the long-term value of real estate, but even in the most recent 10 years, which included quite a few very bad years for housing, values are still up 7% on a cumulative basis. In addition, the number of U.S. households is expected to rise 10-15% percent over the next decade, creating continued high demand for housing.
3) Equity: Money paid for rent is money that you’ll never see again, but mortgage payments let you build equity ownership interest in your home.
4) Savings: Building equity in your home is a ready-made savings plan. And when you sell, you can generally take up to $250,000 ($500,000 for a married couple) as a gain without owing any federal income tax.
5) Predictability: Unlike rent, your fixed-rate mortgage payment don’t rise over the years so your housing costs may actually decline as you own the home longer.
6) Freedom: The home is yours. You can decorate any way you want and choose the type of upgrades and new amenities that appeal to your lifestyle.
7) Stability: Remaining in one neighborhood for several years allows you and your family time to build long-lasting relationships within the community. It also offers children the benefit of educational and social continuity.